DeFi Project Named Dogs Mysteriously Loses $60 Million – News Couple
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DeFi Project Named Dogs Mysteriously Loses $60 Million


The DeFi project launched on Thursday raised $60 million overnight during the token sale. However, the money seems to have vanished, and no one knows exactly how.

On Friday, investors woke up to the shocking news that their money had disappeared. About 13,556.36 ETH, which was equal to $60 million at the time, was drained from AnubisDAO’s liquidity pool.

Related reading | DeFi Hack: Vee Finance Loses $35 Million to Hackers After Launching Mainnet

The AnubisDAO project has been promoted as a fork of OlympusDAO – a cryptocurrency backed by the assets in its vault. It was based on Anubis, the Egyptian god of death with a dog’s head. This theme is also similar to other dog-themed meme coins.

Although Anubis identified itself as a Decentralized Autonomous Organization (DAO), the details of the project were not clear. And even though there is no official website, investors are still pumping $60 million worth of ETH into it.

The project is suffering from a mysterious attack

The token sale began on Thursday, with investors putting ETH into the project and receiving Anubis (ANKH) tokens in return.

However, the sale of the token, which was supposed to last 24 hours, only lasted 20 hours, and the reason was the removal of the liquidity pool by an unknown entity. The $60 million of ETH raised in the token sale was then sent to a different address.
After that, the value of the ANKH token fell to almost zero.

Investors are still in shock at how quickly the whole thing has happened. Brian Nguyen, who invested in the project and lost nearly $470,000, spoke to CNBC about the unfortunate event.

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He admitted that he did not thoroughly investigate the project before investing. “We, in cryptocurrency, tend to have a ‘buy first, research later’ mentality,” he says.

He stated that he was interested in AnubisDAO because it was similar to other dog-inspired cryptocurrencies such as dogecoin and Shiba Inu, which have recently increased in popularity. The fact that the sale on the popular auction platform Copper Launch also encouraged him to invest.

Also, the project supported a respected crypto influencer – 0xSisyphus on Twitter -. “So, I had some conviction about the purchase.”

Investigations begin

Soon after investors started talking about losing their money, people speculated that Copper Launch might have been compromised. In response, Copper Launch said it was not, “but it appears that the Anubis team has compromised their management keys,” the auction platform also issued a statement yesterday regarding the incident.

There was a lot of speculation about what really happened. Some suspect that she is “pulling the rug”. Rug pull is a common type of cryptocurrency scam where a project is created with the purpose of stealing investors’ money.
Others believe that it may be a phishing attack, in which hackers target victims to steal cryptographic credentials.

DeFi market cap at $152.789B | Source: Crypto Total DeFi Market Cap on TradingView.com

Twitter user claimed They may have fallen victim to a phishing attack. They have shared a screenshot of an email from someone pretending to be a 0xSisyphus crypto investor. 0xSisyphus, however, denied it, and chirp On Friday, 0xSisyphus “obviously hacked the account name,” and they also offered a reward of 1,000 ETH for the lost funds or anyone who could identify the owner of the received wallet.

A Twitter user traced the wallet address to another user named Beerus. Moments later, Beerus’ account was deleted.

0xSisyphus later said they were certain the incident was not a phishing attack but instead a rug being pulled by a “rogue team member,” and they said Chainalysis was involved in the investigation. And they are a job With the authorities in the United Kingdom and the United States.

Featured image by @AnubisDao on Twitter, Chart from TradingView.com





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